Authored by Charles Kennedy via OilPrice.com,
Alberta's Premier Danielle Smith has rejected the idea of slapping export taxes on crude oil exports to the United States in retaliation for the Trump administration's tariff salvo against Ottawa, saying they would be damaging to Canada.
Alberta Premier Danielle Smith speaks at the Canada Strong and Free Network in Ottawa on Thursday, March 23, 2023. (THE CANADIAN PRESS/Sean Kilpatrick)"Although I understand the need to respond strongly to these tariffs, I cannot think of a more disastrous policy decision than cutting off or taxing Alberta's oil to the United States," Smith said as quoted by Global News, adding that the move would trigger a disproportionate tariff response from the United States that could hurt the Canadian economy.
"It would not only extinguish the livelihoods of hundreds of thousands of Albertans, it would economically hobble our friends and neighbors in other provinces to the east," she said, warning of millions of jobs getting lost as a result of the tariff war.
Alberta exports about 4 million barrels of crude oil daily to the United States. Last year, the total value of these exports stood at about $80 billion. Trump has so far not threatened tariffs on crude oil coming from Canada but, according to Smith, this could change if Canada itself decides to use oil exports as a weapon in the tariff war.
As for the possibility of threatening the U.S. with a suspension of oil exports, Smith suggested this would be an even worse idea. "The United States would, of course, respond and cut off all gasoline and diesel from their refineries to Ontario and Quebec, right as we turn into fall and winter," she told media.
Smith also said the U.S. could replace Canadian crude with crude from Venezuela, as a result of which Alberta would in turn lose its biggest oil buyer. This may be theoretically true, but with Venezuela's oil production at barely above 1 million barrels daily and not all of that going to U.S. refineries, such a replacement is quite unlikely in the medium term.
Tyler Durden Thu, 08/27/2026 - 15:40The US Army's Project Janus, which we detailed at length back in November, has selected its initial batch of reactor developers to bring advanced nuclear energy to Army installations to ensure resilient and ready power.
BREAKING: The first fully operational commercial nuclear microreactor will be deployed at a U.S. Army installation in 2028.
To achieve this, the Army has awarded a combined $2.2 Billion to five competing commercial companies.
The program is looking to move reactor developers through their first-of-a-kind and second-of-a-kind designs at breakneck speeds with the goal of “bending metal as quickly as possible”.
The following companies have been selected to participate under Project Janus:
The nuclear industry has suffered from decades of atrophy with little to no new nuclear construction to incentivize the manufacturing industry to invest in supply lines to support the build-out of a new national nuclear program. Project Janus looks to assist with revitalizing the commercial nuclear industry while also benefiting by harnessing the reliability of nuclear energy to enhance the abilities of the armed forces.
Principal Deputy Assistant Secretary of the Army for Installations, Energy, and Environment, Dr. Jeff Waksman, who is also a program lead for Project Janus, has remarked in recent interviews that reactor developers will be constructing and operating their reactors on various Army installations across the U.S. and will be compensated for the achievement of various milestones related to successful construction and operation of their reactor designs.
$2.2 billion has been set aside by the Army and the Department of War Innovation Unit for milestone-based awards. Project Janus is aiming for their first operational reactor by September 2028.
Dr. Waksman has also provided estimates in multiple interviews for the price expected to be paid by the Army for power purchase agreements, with prices as high as $0.20-$0.30 per kilowatt hour. This price will vary greatly depending on location and use case.
In addition to receiving milestone awards, reactor developers also have the opportunity to move through a faster regulatory pathway than the traditional NRC pathway, similar to how a lot of the developers have been moving through the DOE pathway under the Reactor Pilot Program.
This will enable companies to demonstrate the operation of their design to investors and potential commercial offtakers. There has also been discussion of the potential for offtake agreements from the military bases for the first and second-of-a-kind reactors that are built under the program.
Tyler Durden Thu, 08/27/2026 - 15:20Now, on to important matters...
On Thursday, US President Donald J. Trump renamed Lake Ontario to Lake America, a move he's been teasing in recent days on Truth Social - including writing that America doesn't "expect to be doing much business with Ontario any longer" amid an ongoing trade spat with Canada.
On Tuesday, Trump posted an image of the lake with 'Lake Ontario' crossed out and 'Lake America' above it - with an American flag on the Canadian side.
"The United States is the greatest protector of the Great Lakes, including the body of water currently known as Lake Ontario," Trump wrote in the EO, adding "The Lake will continue to play a pivotal role in shaping America's future and the global economy. In recognition of this flourishing economic resource and its critical importance to our Nation's economy and its people, I am directing that the Lake officially be renamed as Lake America."
The order directs Interior Secretary Doug Burgum to update the Geographic Names Information System (GNIS) within 30 days, and requires all federal government references to the lake refer to it as "Lake America."
Approximately 47% of the lake lies within the US.
Tyler Durden Thu, 08/27/2026 - 15:00